Economists Predict China’s Weakest Growth in Over 40 Years

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China’s second-largest economy is expected to show the weakest growth in more than 40 years this year due to the corona crisis.

 

That is what economists predicted that Bloomberg news agency has surveyed.

According to economists, growth will be 2.9 percent this year, which would be the slowest pace since a contraction in 1976, the year of Mao Zedong’s death.

Recent figures have already shown that China’s economy has been hard hit by the coronavirus and measures to curb the outbreak. As a result, public life in China mainly came to a standstill.

For the first quarter of this year, the Chinese economy is expected to contract by 6 percent. The economy may rebound later this year, but it depends on the pace of resumption of activity and the measures taken by authorities to stimulate the economy.

This recovery could be undermined by the spread of the virus elsewhere in the world, putting pressure on demand for Chinese products.

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